REG - Bonhill Group PLC - Update on Formal Sale Process & Trading Statement

BonhillAnnouncement

06/02/2023 07:00

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RNS Number : 9345O  Bonhill Group PLC  06 February 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

6 February 2023

 

Bonhill Group plc

("Bonhill", the "Company" or the "Group")

 

Update on Strategic Review and Formal Sale Process

and

Trading Statement

 

Bonhill Group plc (AIM: BONH), a leading B2B media business specialising in
financial services providing media, events and data & analytics, announces
an update on progress with its strategic review and the formal sale process
announced on 10 October 2022 and a trading statement.

 

Update on Strategic Review and Formal Sale Process

 

Further to its announcement on 9 December 2022, the Company announces that the
privately owned UK media company's due diligence on the assets and trade of
its UK and Asia businesses is progressing well and it expects shortly to make
a further announcement.

 

In addition, the Company announces that it has received a non-binding offer
from a US media buyer for the business and assets of InvestmentNews LLC
("InvestmentNews") of $6.5 million in cash (equating to a price per share of
approximately 4.5 pence). Subject to the completion of satisfactory due
diligence, the Company expects to sign a conditional agreement with the
purchaser in March 2023. A further announcement will be made in due course.

 

 

Shareholders are advised that there can be no certainty that any sale or other
transaction will be concluded for either the Company's UK and Asia businesses
or InvestmentNews, nor as to the terms on which any sale or other transaction
may be made.

 

Having concluded the strategic review and formal sale process as it is no
longer in discussions with, nor in receipt of an approach from, any potential
offeror relating to an acquisition of its issued and to be issued share
capital, the Company confirms that it is no longer conducting the formal sale
process. As such, the Company has ceased to be in an "offer period" as defined
in the City Code on Takeovers and Mergers ("City Code") and the disclosure
requirements pursuant to Rule 8 of the City Code are therefore no longer
applicable.

 

Trading Statement

 

The Company announces that since its announcement on 9 December 2022, certain
clients continued to delay the release of planned marketing spend in the year
ended 31 December ("FY2022") (equating to approximately £0.2 million of
revenue and £0.1 million of EBITDA). As a result, the Board now expects
FY2022 revenue of £13.6 million and LBITDA of £1.5 million. The Company
continues to manage its cash well, including the use of the available drawdown
facility, with an expected year end net cash position of £0.7 million.

 

This announcement includes inside information as defined in Article 7 of the
Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the
Company's obligations under Article 17 of those Regulations.

 

For further enquiries please contact:

 

 Bonhill Group plc
 Jonathan Glasspool, Non-executive                                                                                +44 (0)207 638 6378
 Chairman

                                                                                                                +44 (0)7714 660 943
 Patrick Ponsford, Group CEO

 Shore Capital (Financial Adviser, Nominated Adviser and Broker)
 Tom Griffiths/David Coaten                                                                                       +44 (0)20 7408 4050

About Bonhill Group plc

Bonhill Group plc is a leading, AIM-quoted, B2B media company providing
Business Information, Events and Data & Insight propositions to the global
Financial Services community. Bonhill operates multiple digital platforms, has
market leading media brands, hosts over 100 events per annum, offers a
portfolio of data & analytics propositions and provides a range of content
marketing solutions.

Bonhill operates exclusively in the financial services space where its brands
and services are acknowledged as market leaders. It specialises in enhancing
the relationship and flow of information between the global community of
financial services providers and the advisers who recommend their products.
Bonhill was early to recognise the growing importance of ESG in asset
allocation and fund selection and now owns the leading global platform in this
space, serving the adviser community.

Flagship brands include: InvestmentNews, ESG Clarity, Portfolio Adviser, Fund
Selector Asia, Expert Investor Europe, UK Adviser and International Adviser.

Offices in New York, London, Singapore and Hong Kong.

For more information visit www.bonhillplc.com.

 

IMPORTANT NOTICES

Shore Capital and Corporate Limited is authorised and regulated in the United
Kingdom by the Financial Conduct Authority ("FCA") and is acting exclusively
as Financial Adviser, Nominated Adviser and Broker and for no one else in
connection with the subject matter of this announcement and will not be
responsible to anyone other than Bonhill for providing the protections
afforded to its clients nor for providing advice in relation to the subject
matter of this announcement.

 

This announcement is not intended to, and does not, constitute or form part of
any offer, invitation or the solicitation of an offer to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of, any securities whether
pursuant to this announcement or otherwise.

 

This announcement (including any information incorporated by reference in this
announcement), oral statements made regarding the formal sale process, and
other information published by the Group contain statements about the Group
that are or may be deemed to be forward looking statements. Without
limitation, any statements preceded or followed by or that include the words
"targets", "plans", "believes", "expects", "aims", "intends", "will", "may",
"anticipates", "estimates", "projects" or words or terms of similar substance
or the negative thereof, may be forward looking statements.

 

These forward-looking statements are not guarantees of future performance.
Such forward-looking statements involve known and unknown risks and
uncertainties that could significantly affect expected results and are based
on certain key assumptions. Many factors could cause actual results to differ
materially from those projected or implied in any forward-looking statements.
Due to such uncertainties and risks, readers should not rely on such
forward-looking statements, which speak only as of the date of this
announcement. The Group disclaims any obligation or responsibility to update
publicly or review any forward-looking or other statements contained in this
announcement, except as required by applicable law.

 

The distribution of this announcement in jurisdictions outside the United
Kingdom may be restricted by law and therefore persons into whose possession
this announcement comes should inform themselves about, and observe, such
restrictions. Any failure to comply with the restrictions may constitute a
violation of the securities law of any such jurisdiction.

 

Publication on website

A copy of this announcement will be made available, subject to certain
restrictions relating to persons resident in restricted jurisdictions, on the
Group's website at www.bonhillplc.com by no later than 12 noon (London time)
on the business day following the date of this announcement. Neither the
content of any website referred to in this announcement nor the content of any
website accessible from hyperlinks is incorporated into, or forms part of,
this announcement.

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